Balance of trade
The value of exported goods from Iceland amounted to almost ISK 385,200 million fob and the value of imported goods amounted to over ISK 391,500 million fob (ISK 417,700 million cif) in the first seven months of 2015. Thus there was a trade deficit, calculated on fob value, of ISK 6,400 million as compared with a trade deficit of ISK 7,600 million in the first seven months of 2014, at current rates of exchange¹.

Exports

The total value of exports of goods the first seven months of 2015 was ISK 58,700 million or 18.0% higher at current rates of exchange than in the same period the year before. Exported manufacturing products contributed to 54.2% of total exported goods and their value was 24.8% higher than in the same period the year before, mainly due to aluminium. Marine products contributed to 41.6% of the total exports and their value 19.3% higher than in the same period the year before, mainly because of fish meal.

Imports

The total value of imports of goods in the first seven months of 2015 was ISK 57,400 million or 17.2% higher at current rates of exchange than in the same period the year before, mainly because of industrial supplies and aircraft.

The value of exports and imports January-July 2015
  Million ISK at current exchange rate Change on prev.
  January- January- year at current
  July July exch. rates, %
  2014 2015 Jan.-July
       
Exports fob, total 326,482.0 385,176.2 18.0
Marine products 134,443.0 160,369.5 19.3
Agricultural products 5,772.5 7,678.3 33.0
Manufacturing products 167,188.2 208,635.1 24.8
Other products 19,078.3 8,493.3 -55.5
       
Imports fob, total 334,123.9 391,536.0 17.2
Food and beverages 31,424.8 39,354.4 25.2
Industrial supplies n.e.s. 94,636.2 115,187.4 21.7
Fuels and lubricants 58,218.1 50,258.1 -13.7
Capital goods (except for transport) 72,619.9 76,894.0 5.9
Transport equipment 36,460.4 64,109.3 75.8
Consumer goods n.e.s. 40,261.0 44,879.9 11.5
Goods n.e.s. 503.5 852.8 69.4
       
Balance of trade -7,641.9 -6,359.8 ·

  

¹ Statistics Iceland does no longer publish trade in goods at constant exchange rates. On Statistics Iceland website is available table of the breakdown of trade in goods by currencies.

Monthly figures of external trade for current year are revised together with the release of figures for new months. Annual figures are published in the first half of the year after the end of the reference year. The figures are considered as final at that point of time.


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